Budget eyes property market
Thursday 16 May 2013
Warrants of fitness for rental properties will be trialled in New Zealand homes, the Government has announced.
By The Landlord
But at the moment, they will only apply to Housing New Zealand homes.
If the trial is successful, the scheme will be extended to other social housing providers.
The Government has previously said it would not introduce such a system for private rentals until its own properties were in order.
Whanau Ora minister Tariana Turia welcomed the move, saying it showed support for families in need.
But Green Party co-leader Metiria Turei, who has campaigned for a warrant of fitness scheme for all properties, said it did not go far enough.
“It’s not going to sort out the biggest problem of poor quality private rentals. Until they do that, this Government is not doing anything for low-income families.”
The New Zealand Property Investors Federation is critical of the idea, saying it will needlessly raise costs for landlords, which will have to be passed on to tenants.
This year’s Budget has moved to increase the supply of housing but critics say it will do little to stop the rise of prices in the short to medium-term.
The Inland Revenue Department has also been handed an extra $6.65 million a year to tackle property investment tax compliance.
The move is expected to return about $45 million a year in tax.
Comments from our readers
No comments yet
Sign In / Register to add your comment
House Prices
What lies ahead for the housing market
As New Zealand begins to settle into the “new normal” of the Covid-19 lockdown, commentators have started releasing their (tentative) outlooks for the housing market. Here’s a summary of some of them...
Commercial
Commercial sector facing hundreds of millions in lost revenue
Some large commercial tenants are refusing to pay rent and this could devastate the commercial property sector, the Property Council New Zealand is warning.
Mortgages
Banks roll out mortgage holiday
Major lenders have launched mortgage holidays for borrowers affected by the Covid-19 outbreak, using online application forms to process customer requests.
